Cemex swap to cut debt by US$ 440 million

Cemex has revealed that through a perpetuals bond swap, it will reduce its net debt by some US$ 440 million. Cemex had originally aimed to cut its debt by up to US$ 850 million but, as over 50% of bondholders accept the swap this week, Rodgrigo Trevino, Chief Financial Officer at Cemex, expressed to Reuters that the deal was still a success: ‘It's a very good result ... the incremental cost of debt servicing was in the order of US$ 5 million annually.’

Cemex will make the exchange tomorrow, swapping perpetuals for new euro and US- denominated debt maturing in 2017 and 2020 at a 30% discount. Cemex will offer to purchase the remaining 44% in December 2016.

Cemex has announced significant progress in many key performance indicators related to its global sustainable development strategy, highlighting important achievements in major areas such as workplace safety, environment and climate change, land management and biodiversity, and its contribution to the communities where it has its operations.